Unrest in Egypt unsettles the oil market

Despite reassurances from the Suez Canal Authority, Brent crude oil topped $100 a barrel on Monday for the first time since 2008 on concerns that Egypt’s protests could lead to the closure of the Suez Canal and disrupt oil supplies.

Egypt is not a major oil producer, yet its Suez Canal is a strategic oil transit route, which carries around two million barrels of oil a day.

Many fear that demonstrations could spread elsewhere in the oil-rich Middle East, including major oil producers like Libya and Algeria.